International Journal of Management, Accounting and Economics
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Volume 5, No. 5, May 2018 Pages: 282 - 299
Population Growth and Economic Growth in Nigeria: An Appraisal
Olusogo Olamide Ogunleye , Oluwarotimi Ayokunnu Owolabi , Muazu Mubarak
Corresponding author:
olusogo[dot]ogunleye[at]yahoo[dot]com
Abstract:
This research explores the effect of population growth on the economic growth of Nigeria over the period of 1981 to 2015. Data on GDP and exchange rate were obtained from Central Bank of Nigeria Statistical bulletin, while data on Population growth rate, fertility rate, and crude death rate, were obtained from the World Bank World Development indicators. Ordinary least squares regression was used to analyze data in this study. The findings of the study reveals that population growth has a positive and significant effect on economic growth of Nigeria, while fertility was negative and significant for economic growth in Nigeria. Exchange rate and crude death rate are however insignificant for economic growth of Nigeria. The study recommends amongst other recommendations that the Nigeria government should ensure that Nigeria’s rising population are channeled into areas of the economy where they may more fully utilized in bringing about high rates of economic growth for the country. In addition, the Nigeria government should increase access to affordable health care services so as to reduce death rates in order for Nigeria to achieve increased economic growth.
Keywords:
Population Growth, Economic Growth, Ordinary Least Squares
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